LightBay Capital Raises $615 Million for Debut Private Equity Fund

LOS ANGELES--(BUSINESS WIRE)--LightBay Capital (“LightBay”), a Los Angeles-based private equity firm
focused on middle-market opportunities, today announced that it has
successfully completed fundraising for its inaugural institutional fund,
LightBay Investment Partners LP (the “Fund”), with total committed
capital of $615 million. The oversubscribed Fund, which LightBay
officially began marketing in April 2017, exceeded its target of $450
million with commitments from a diverse investor group, which includes
leading family offices, foundations, fund of funds, insurers, pension
plans, and LightBay professionals.

LightBay is led by cofounders Nav Rahemtulla and Adam Stein, who were
original members of Ares Management’s private equity group (“Ares”)
where they invested together for over 15 years. Prior to forming
LightBay, Messrs. Rahemtulla and Stein led Ares’ Healthcare and Consumer
& Retail industry groups, respectively.

LightBay invests in growing businesses primarily in the consumer,
healthcare, and business services sectors. The Fund’s flexible
investment strategy incorporates leveraged buy-outs, shared-control
opportunities, and special situations, targeting investments between $25
million and $150 million.

“We could not be more pleased with the composition of our investor base
and are grateful for their strong level of support and confidence in
LightBay,” said Mr. Rahemtulla. “Adam and I are thrilled to continue our
partnership with so many institutions who have been with us our entire
careers. Together with our new limited partners, we look forward to
enjoying continued success.”

Mr. Stein added, “The flexibility of our capital base enables us to
invest in high-quality companies in all market environments, and our
strategy is well suited to take advantage of the disruption occurring
across the consumer, healthcare, and business services sectors. We have
built a terrific team with experience in business development,
investing, and driving operational excellence, and are eager to partner
with talented management teams and create meaningful value for our
investors.”

UBS Private Funds Group acted as advisor and exclusive placement agent
for LightBay. Kirkland & Ellis LLP served as legal counsel to LightBay.

About LightBay Capital

LightBay Capital is a Los Angeles-based private equity firm that applies
a flexible capital approach to middle-market investing. Primarily
focused on the consumer, healthcare, and business services industries,
LightBay invests across the capital structure and in all market
environments to help accelerate the growth of high-quality companies.
For more information, please visit www.lightbaycapital.com.